Pros
Relaxed work environment
Lots of social perks - Staff lunches, holiday parties, holiday events, staff hikes, birthday events..etc
Small, but talented team all working in the same room - which makes collaboration between departments quick and easy
Management is always open to trying new ideas / expanding styles
All opinions are listened to during a project's development
Cons
From a developer standpoint; some older websites were built with a proprietary CMS which isn't the best to work with. Although these sites are almost phased out.